Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1040
       
       
       
       
       
       
                                Barcode 281674                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/21/2009           .                                
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       The Committee on Judiciary (Fasano) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 193.018, Florida Statutes, is created to
    6  read:
    7         193.018 Land owned by a community land trust used to
    8  provide affordable housing; assessment; structural improvements,
    9  condominium parcels, and cooperative parcels.—
   10         (1) As used in this section, the term “community land
   11  trust” means a nonprofit entity that is qualified as charitable
   12  under s. 501(c)(3) of the Internal Revenue Code and has as one
   13  of its purposes the acquisition of land to be held in perpetuity
   14  for the primary purpose of providing affordable homeownership.
   15         (2) A community land trust may convey structural
   16  improvements, condominium parcels, or cooperative parcels, that
   17  are located on specific parcels of land that are identified by a
   18  legal description contained in and subject to a ground lease
   19  having a term of at least 99 years, for the purpose of providing
   20  affordable housing to natural persons or families who meet the
   21  extremely-low, very-low, low, or moderate income limits
   22  specified in s. 420.0004, or the income limits for workforce
   23  housing, as defined in s. 420.5095(3). A community land trust
   24  shall retain a preemptive option to purchase any structural
   25  improvements, condominium parcels, or cooperative parcels on the
   26  land at a price determined by a formula specified in the ground
   27  lease which is designed to ensure that the structural
   28  improvements, condominium parcels, or cooperative parcels remain
   29  affordable.
   30         (3) In arriving at just valuation under s. 193.011, a
   31  structural improvement, condominium parcel, or cooperative
   32  parcel providing affordable housing on land owned by a community
   33  land trust, and the land owned by a community land trust that is
   34  subject to a 99-year or longer ground lease, shall be assessed
   35  using the following criteria:
   36         (a) The amount a willing purchaser would pay a willing
   37  seller for the land is limited to an amount commensurate with
   38  the terms of the ground lease that restricts the use of the land
   39  to the provision of affordable housing in perpetuity.
   40         (b) The amount a willing purchaser would pay a willing
   41  seller for resale-restricted improvements, condominium parcels,
   42  or cooperative parcels is limited to the amount determined by
   43  the formula in the ground lease.
   44         (c) If the ground lease and all amendments and supplements
   45  thereto, or a memorandum documenting how such lease and
   46  amendments or supplements restrict the price at which the
   47  improvements, condominium parcels, or cooperative parcels may be
   48  sold, is recorded in the official public records of the county
   49  in which the leased land is located, the recorded lease and any
   50  amendments and supplements, or the recorded memorandum, shall be
   51  deemed a land use regulation during the term of the lease as
   52  amended or supplemented.
   53         Section 2. This act shall take effect July 1, 2009.
   54  
   55  ================= T I T L E  A M E N D M E N T ================
   56         And the title is amended as follows:
   57         Delete everything before the enacting clause
   58  and insert:
   59                        A bill to be entitled                      
   60         An act relating to affordable housing; creating s.
   61         193.018, F.S.; providing for the assessment of
   62         property receiving the low-income housing tax credit;
   63         defining the term “community land trust”; providing
   64         for the assessment of structural improvements,
   65         condominium parcels, and cooperative parcels on land
   66         owned by a community land trust and used to provide
   67         affordable housing; providing for the conveyance of
   68         structural improvements, condominium parcels, and
   69         cooperative parcels subject to certain conditions;
   70         specifying the criteria to be used in arriving at just
   71         valuation of a structural improvement, condominium
   72         parcel, or cooperative parcel; providing an effective
   73         date.